Singapore Exchange and Temasek Launch Digital Asset Business for Capital Markets
Posted on 01/22/2021
Singapore Exchange (SGX) and Temasek Holdings formed a joint venture. The JV is a digital assets business focusing on capital market products. The battle for countries creating a digital currency capital is taking shape. Temasek is keen on finding ways to support commercial applications for blockchain use in the financial services industry.
The JV will have a focus on capital markets, and the firms are looking to partner with fixed income issuance platforms for their post-trade infrastructure.
On September 1, 2020, SGX disclosed it partnered with HSBC and Temasek to complete its first pilot digital bond for the food and agriculture business Olam International. SGX revealed its digital asset issuance and depository platform has been used to issue four digital bonds by several issuers of over S$1 billion.
Project Ubin is a central bank initiative that began in 2016. Temasek and the Monetary Authority of Singapore developed a prototype for a blockchain-based payments network and tested connectivity with other applications.